Analysts are struggling to discover any good news as weakness continues to spread across the market, worsening Bitcoin’s (BTC) reputation. Bitcoin managed to lose its bullish momentum at the Wall Street Open on 1st June. Meanwhile, United States Equities faces another retracement.
BTC Could Nosedive to $29K
As per some data, Bitcoin can expect a U-turn at $1,600 (Start of the trading) in 3 hours. The BTC / USD pair was trading at about $30,400. It returned the gains the pair had achieved a day before. Since support levels refuse to alleviate BTC’s fall, it is possible that BTC might trade at $29,000.
To face a test at the $33,000 mark, BTC needs to maintain its current price position ($31,150 at the time of writing). Otherwise, BTC is bound to nosedive quickly to the $29,000 undesirable mark.
Part of BTC Halving Cycle?
Many speculate that BTC is affected by the general chaos in the stock market. Some investors however do not consider this to be a buy the dip instance for digital assets. They are willing to wait patiently till the market sorts itself out.
According to some traders, the present price performance is in sync with BTC’s lifelong trend. All that traders need to do is to examine BTC’s historical halving cycles. Something similarly unnerving happened in the past, only to get better soon. After at least 6 months of bearish behavior BTC should rebound to next halving, which is due in 2024.